Rings & Back items are the two slots currently getting Ascended-tier equipment

When Ascended Weapons are released, Legendaries will be buffed to par.

Rings are drops from the new dungeon type

The new dungeon thing is bottomless, you can continue to throw yourself at it forever (I believe that's correct?)

Back-slot items are crafted via Mystic Forge

You cannot use regular upgrade stuff on Ascended items, they only take a special kind of upgrade item

This upgrade is confirmed to give you resistance against "Agony", and that there are different kinds of the upgrade. Not sure if it can also do other things.

Agony is a DoT that chunks %health rather than a flat amount, and is only present in the new bottomless-dungeon.

As you go deeper in the new dungeon thing, Agony gets stronger, eventually requiring to an extent that you have some kind of mitigation for it.

Agony can not be mitigated by most normal means (anything we can currently do to attack conditions)

Interesting I guess? Saddened a little that my now almost complete set of Exotics won't be BIS anymore though.

quote ANET Linsey Murdock

Greetings citizens of Tyria! My name is Linsey Murdock. Some of you may remember me as the Guild Wars Live Team Lead before the lovely and talented John Stumme took up the cause so I could work on other projects. As a game designer for Guild Wars 2, I primarily work on crafting and items, which is why I am here to talk to you today about some exciting new features coming up for items progression that my team has been working on.

As we watch Guild Wars 2 mature in its Live environment, we have found that our most dedicated players were achieving their set of Exotic gear and hitting “the Legendary wall.” We designed the process of getting Legendary gear to be a long term goal, but players were ready to start on that path much sooner than we expected and were becoming frustrated with a lack of personal progression. Our desire is to create a game that is more inclusive for hardcore and casual players alike, but we don’t want to overlook the basic need for players to feel like they are progressing and growing even after hitting max level. Adding item progression is a delicate process normally undertaken in an expansion, but we feel it’s important to strive to satisfy the basic needs of our players sooner rather than later.

We have always worked hard to create a sense of satisfying progression rather than gear grind and this new item progression initiative is no exception. By adding challenging new combat mechanics to end-game content and ways to mitigate those mechanics through gear progression for high-end players, we can add personal progression without making the game feel like an endless treadmill of gear that is just out of your reach. Original Guild Wars fans may recognize that we took a familiar approach to our new progression. The first end game mechanic we will introduce is Agony, which will be encountered in the Fractals of the Mists dungeon, and is mitigated by Infusions.New Condition: Agony

In the upcoming Fractals of the Mists dungeon, we’ll introduce a new monster condition called Agony.

This extremely dangerous condition ticks percentages of player health away and can’t be cleansed by normal means. Players who wish to delve deep into the Fractals will find that Agony makes progress increasingly difficult, until they reach the point where some defense against this condition is a must. The only way to mitigate Agony damage is by building up resistance through Infusions, a new type of upgrade component that can be acquired in the Mystic Forge.

New Upgrades: Infusions

Infusions are a special new type of Upgrade Component that can only be slotted into special Infusion slots on gear.

There are multiple types of Infusions and Infusion slots. In November, we’ll introduce Offensive, Defensive, and Omni Infusions of Fine rarity from new Mystic Forge recipes. Infusion upgrade types must be paired with their like slot, with the exception of the rare and versatile Omni Infusions which can be slotted into any type of Infusion slot.

For now, Infusions slots can only be found in gear of a new rarity type: Ascended.New Rarity Type: Ascended

In November we’ll unveil the first Ascended items. This new rarity type falls between Exotic and Legendary on the spectrum of rarity and has slightly higher stats than Exotics.

Ascended gear works a little bit differently than other gear types. The stats and functionality normally added to gear through upgrade components are actually built into Ascended items. Instead of upgrade slots, Ascended gear has Infusion slots, and rarer versions of the items also come with additional Agony Resistance built into them. Players will be able to acquire Ascended Rings in the Fractals of the Mists dungeon, and Ascended items worn on the back can be acquired through special Mystic Forge recipes.

The Future of Items Progression

This is just the beginning. In November, we’re only adding the first level of Infusions and Ascended Rings and Back slots, so that leaves us a lot of room to build upon these levels of Item progression in future content.

As we release more new end game content in the future, you’ll see more Infusions and Ascended item types being added to the game. Eventually, you’ll be able to kit yourself out with a full set of Ascended gear and high end Infusions to help give you the edge in end game content.

You’ll also see more Legendary items in the future and an update to our existing Legendary weapons. Legendary items were always intended to be on par with other “best-in-slot” items. So fear not, all existing Legendary weapons, which are currently on par with Exotics, will be upgraded to be on par with Ascended weapons at the same time that we add Ascended weapons to the game. Thus Legendaries will remain “best-in-slot” items. All Legendary items going forward will be of Ascended power. We also have plans to add more fun ways to acquire Legendary precursor items with a more “scavenger hunt” feel than they are acquired currently.

The new additions in November are just the start of our item progression initiative. We’re going to add tons of new high-level content to Guild Wars 2 in the future. As we introduce the new high-level content, we’ll also roll out complimentary Ascended and Legendary items (to say nothing of the other rewards you can earn by playing the content).

Good news for you tekmosis, Ascended Items won't be Dungeon-only forever.

quote ANET Chris Whiteside

I’d like to respond to concerns players have raised about ascended items. Please keep in mind that we’re releasing this as one portion of a massive November update that introduces and improves many aspects of challenge, progression, and rewards. With this and upcoming updates, we view ourselves as introducing large amounts of content with supporting systems and features, akin to an expansion pack, building on Guild Wars 2 through a series of live releases. So it’s important for us to be able to add an expansion pack’s worth of progression and rewards to support that content.

Our goal is not to create a gear treadmill. Our goal is to ensure we have a proper progression for players from exotic up to legendary without a massive jump in reward between the two. We will slowly add the remaining ascended gear items and legendary items in future updates to allow people time to acquire them as we add exciting new content that deserves exciting rewards. We will not be adding a new tier of gear every 3 months that we expect everyone to chase after and then get the next set and so on.

Ascended and infusion rewards will be available in both PvE and WvW over time, and be made available through all sorts of content around the world including existing content. PvP will remain unaffected to ensure our intended PvP balance going forward. We are also working on other reward and progression systems for the game that tie into current and new content and features. As you know we care very much about your support and opinion and are listening intently to what you say.Finally we look forward to hearing your thoughts on the upcoming content, and we will ensure we share our thoughts with you on the experiences we share in the Lost Shores.